The proposed $400 million Downtown East development cleared a final vote Friday in the Minneapolis City Council.
Ryan Companies was waiting on approval from the city council and the Minnesota Sports Facilities Authority before its gets to work on transforming five blocks adjacent to the Vikings stadium site.
The city will issue up to $65 million in bonds to cover its share of the project. The city council's community development committee voted unanimously Tuesday in approval of the bonds.
"Today we set in motion a five-block redevelopment that will transform part of town dominated by parking into Minneapolis' next great neighborhood," Mayor R.T. Rybak said.
"The project that Minneapolis' leaders approved today will transform Downtown East into a bustling, connected hub of economic and retail activity," Mayor-elect Betsy Hodges said in a statement.
DOWNTOWN EAST FEATURES
- Public park spanning two city blocks
- Two 18-story office towers
- 1,600 space parking garage
- Mixed residential-retail building, including 400 housing units
- Adjacent to new Vikings stadium
Ryan Companies: $350 million
MSFA: $26.6 million
City of Minneapolis: $57.6 million
The Vikings have also pledges a $1 million donation to the Downtown East development